An influx of mixed-use projects is preparing to revolutionize the marketplace

An uncontrollable influx of new properties from 10 major mixed-use projects located in Bangkok's downtown business district will lead to changes in the city and Thailand as a whole. Real estate consultancy Jones Lang LaSalle (JLL) said.

As the company's CEO Michael Glancy stated

Thailand's real estate market has developed rapidly since the late 1990s. With the emergence of 10 mixed-use projects, Bangkok now offers some of the best and affordable commercial real estate in the Asia-Pacific region. "In the next four years, Bangkok will experience an unheard of phenomenon - a significant amount of Grade A office space, prestigious shopping centers, luxury apartments and hotels created through these mixed-use projects," he said. The total area of these projects will be about 911 thousand square meters of class A office space, 534 thousand square meters of retail space, 5 thousand 400 apartments and 5 thousand 900 luxury hotel rooms. These megaprojects are accelerating the trend of moving toward quality.

From 2023 to the first quarter of 2024, leasing of seven new Class A office buildings in the downtown business district exceeded 208 thousand square meters, 4.5 times the average annual demand for space of 46 thousand square meters over the past decade. Much of this demand came from One Bangkok, a new mixed-use project at the intersection of Rama IV Street and Wireless. "Bangkok's office real estate market is considered oversaturated, but in fact tenants are moving from older buildings that no longer meet their requirements to new towers," said a JLL spokesman. He noted that 147,000 square meters accounted for a net absorption of buildings younger than five years. Part of the demand came from ar